The medium term trend had bucked Global Bearishness, until the second half of Friday.

The Bulls would want to get back above the 34 EMA, while the bears would aim for our channel bottom (black).

Nifty 50: Short Term View (or) Day Chart with closing prices in a line graph (or) EOD Chart:

CNX Nifty 50 - End of Day (EOD) Chart - 13 April, 2012.

The journey of the index, to below the green channel bottom, was after quite a fight, as the many touches tell.

The crossovers made by the 5 EMA and 13 SMA were too many in the end, but emphasized their utility.

The MACD stayed stubbornly, sub zero.

Inability of the Index, to get above the 34 EMA, all through the week was the key for Bears.

With the medium term and short term going Bear, Bulls would look at avoiding another Lower Low.

Looking Forward:

One would watch global cues, as they seem to have a non-technical influence on the Index.

Above 34 EMA on the EOD, the Bulls can wrest back control.

The 200 DMA looks like the next stop once again.

The 34 EMA is above the 200 DMA...long term bullish.Even if the Nifty loses a steady 50 points every session from here to month end, the 34 EMA would just about get even with the 200 DMA (Nifty would be at 4700 odd, by then :) .......).

This screen made magic last week - following our call, almost to the letter.

Price reached the Channel bottom and is below all short MAs.

None of the MAs have crossed yet.

RSI heads towards mid point.

Bulls have let this screen stay neutral, with a clear chance of bouncing off the channel bottom.

S&P 500: Short Term View (or) Day Chart where each candle is 1 day's price action (or) EOD Chart:

S&P 500 - End of Day Chart (EOD) - 13 April, 2012.

The new Day channel is shown in Yellow.

Price has resistance at the M VWAP 34, and is nudging the channel top.

Staying above the M VWAP 34 and seeing a Bullish cross of some of the short term MAs above... would give strength to Bulls.

Looking Forward:

Breaking the 'White' Week channel on the downside is the next task for the Bears.

Bulls would use this very channel to jump out of the Day channel and above the MVWAP 34 marked.

1333 is the mark on the EOW, where the 5 EMA crosses below the 13 SMA and Bears call the shots.

A daily dose of 10 points+ should see the Bulls in command by weekend, the 5 EMA would also have crossed above the 13 SMA at 1383 on the EOD.Bears have given no sign of leaving the short term yet.Week end updates shall be up.

Some Quotes..

There are times when playing the stock mar­ket that your money should be inactive - waiting on the sidelines in cash - waiting to come into play. In the stockmarket - time is not money - time is time ­and money is money. Often money that is just sitting can later be moved into the right situation at the right time and make a vast fortune – patience – patience. Patience is the key to success not speed.

Jesse Livermore.

That's been one of my mantras - focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it's worth it in the end because once you get there, you can move mountains.

Zoom into chart .. Click Introduction / Primer to Ichimoku can be read at this link ( click ). Learning from the Earlier...

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"Why do we trade?

To be sure, trading allows us independence, the opportunity to work for ourselves. Trading also offers the prospects of a lifestyle in which evenings and weekends need not be consumed by work. Some of us crave the competitive aspect of trading, doing fresh battle each day. Others approach trading as a puzzle to be solved, deriving a sense of intellectual achievement. Finally, there is income. A successful trader can make seven figures in a year—and many of the traders I work with are living proof of that.

So why do they trade? Once you have the money, all of trading’s lifestyle advantages could easily be yours. Needs for competition and intellectual stimulation could be met in so many other ways. Why do traders remain traders long after they’ve won the game?

The great professions are those that serve as personal playing fields. They are the arenas we choose to express and develop ourselves. In mastering a discipline, we cultivate self-mastery. In writing a poem or placing a large trade, we capture—in a single act—our vision of how we see the world at that moment.

The great occupations are great precisely because they are such meaningful playing fields. Long after we’ve earned fame and fortune, the calling remains to be more than we are, to return to the arena and do battle with our limitations. The profound urge to extend the human grasp is common to all the great callings. To run faster, to capture more beauty, to predict ever better: in no small measure, our work is our pursuit of the godlike, however fleeting.

Maybe it is our different images of the godlike that animate our career choices.In work we find something divine within ourselves. Whether as scientists, monks, or traders, we strive for those moments when we are just a little closer to perfection, a little nearer to immortality. That is why we trade"

.... Brett N. Steenbarger

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Inspiration

The Parable of Talents...

14 For the kingdom of heaven is as a man travelling into a far country, who called his own servants, and delivered unto them his goods. 15 And unto one he gave five talents, to another two, and to another one; to every man according to his several ability; and straightway took his journey. 16 Then he that had received the five talents went and traded with the same, and made them other five talents. 17 And likewise he that had received two, he also gained other two. 18 But he that had received one went and digged in the earth, and hid his lord's money. 19 After a long time the lord of those servants cometh, and reckoneth with them. 20 And so he that had received five talents came and brought other five talents, saying, Lord, thou deliveredst unto me five talents: behold, I have gained beside them five talents more. 21 His lord said unto him, Well done, thou good and faithful servant: thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy lord. 22 He also that had received two talents came and said, Lord, thou deliveredst unto me two talents: behold, I have gained two other talents beside them. 23 His lord said unto him, Well done, good and faithful servant; thou hast been faithful over a few things, I will make thee ruler over many things: enter thou into the joy of thy lord. 24 Then he which had received the one talent came and said, Lord, I knew thee that thou art an hard man, reaping where thou hast not sown, and gathering where thou hast not strawed: 25 And I was afraid, and went and hid thy talent in the earth: lo, there thou hast that is thine. 26 His lord answered and said unto him, Thou wicked and slothful servant, thou knewest that I reap where I sowed not, and gather where I have not strawed: 27 Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury. 28 Take therefore the talent from him, and give it unto him which hath ten talents. 29 For unto every one that hath shall be given, and he shall have abundance: but from him that hath not shall be taken away even that which he hath. 30 And cast ye the unprofitable servant into outer darkness: there shall be weeping and gnashing of teeth.

The Holy Bible: Matthew - Chapter 25.

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